Calfrac Announces Retirement of Co-Founder and Chief Executive Officer Douglas
R. Ramsay at the end of 2013 - Fernando Aguilar Named Successor
CALGARY, May 14, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the
"Company") (TSX-CFW) announced today that Doug Ramsay, Co-Founder and Chief
Executive Officer, intends to retire from the office of Chief Executive at the
end of 2013. As part of a planned leadership succession process, the Board
of Directors intends to appoint Fernando Aguilar, Calfrac's current President
and Chief Operating Officer, to succeed Mr. Ramsay as President and Chief
Executive Officer of the Company, on or about January 1, 2014. Mr. Ramsay is
expected to become the Vice Chairman of the Company and to remain a member of
the Board of Directors. Mr. Ramsay's continued responsibilities will include
support work with senior executives, shareholder and customer relations,
public and regulatory issues and various corporate initiatives.
Doug began his oil and gas career in 1973 as an equipment operator with BJ
Well Services. He went on to positions of drilling and completions manager,
oilfield consultant and wellsite foreman for Dome Petroleum. He served as
President of Canadian Fracmaster Limited until 1994, where he spent 12 years
enhancing that corporation's worldwide presence. In 1999, Doug went on to
co-found Calfrac Well Services Ltd.
Ron Mathison, Chairman of the Board, stated, "The Board of Directors is truly
appreciative of Doug's leadership of Calfrac as one of its founders and CEO
from its inception and through its 14 year history. Doug has led the
development and growth of Calfrac Well Services into one of the most
successful enterprises in the well servicing industry with a core strategy of
building strong local operating capability supported by a lean,
entrepreneurial corporate structure. Doug has guided the company through an
incredible period of change and growth and has done so with utmost integrity
and a sharp focus on creating value for our customers, shareholders and
Mr. Mathison continued, "The Board takes its responsibilities regarding CEO
succession very seriously and Doug along with Gordon Dibb, another co-founder
of the Company, did a superb job in working closely with the Board to identify
and prepare Fernando Aguilar as Gordon's successor as COO and now as Doug's
successor as CEO. We are delighted to have an individual of Fernando's
calibre and experience to lead Calfrac into the future. Fernando has been an
active partner in achieving our recent growth and operational success and has
the complete endorsement and support of the Board."
Doug Ramsay added, "Fernando is a proven leader, and has been an integral part
of Calfrac's growth and performance since he joined the company first as a
Director in 2008 and then as COO in 2010. In addition to an excellent track
record as a commercial and operational executive, Fernando possesses strong
industry expertise, market insight and understanding of our customers' needs.
His appointment is the culmination of a thoughtful and deliberate succession
planning process. During his tenure to date as President and Chief Operating
Officer, Fernando has had a positive impact on the business and the Board
looks forward to working with him to ensure the continued success and growth
of Calfrac Well Services in the years ahead."
Doug went on to say, "I am extremely proud of Calfrac's entire organization
which has allowed us to build the company we have today. The management
team, which I believe is second-to-none in the industry, allows me to
transition to the Vice Chair position with confidence the Company will
continue to thrive in this cyclical and challenging environment."
Fernando Aguilar said, "Calfrac Well Services is a dynamic service company
dedicated to the success of our customers, employees and shareholders with its
commitment to superior execution in the field. I have enjoyed being part of
this team and the growth achieved over the last several years. We have an
exceptionally strong management team at the local, regional and corporate
levels to continue building on the footprint and capabilities we've
established. I am very excited about the future of the Company and would
like to thank Doug and the entire Board for their trust and support."
Mr. Aguilar was previously with CGG Veritas from 2004 to 2010, where he held
several leadership positions, most recently serving as President, Geophysical
Services for the Americas. Prior to joining CGG Veritas, Fernando was with
Schlumberger for 22 years, serving in roles with increasing responsibilities
in the technology, business and oilfield service sectors, predominantly in the
Pressure Pumping, Wireline and Testing groups. Fernando's last position with
Schlumberger was Vice President, Oilfield Services. He holds a degree in
Civil Engineering, specializing in Hydraulic Resources Management, and has
completed the Stanford Executive Program at Stanford University and the
Director's Education Program at the University of Calgary.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange
under the trading symbol "CFW". Calfrac provides specialized oilfield
services to exploration and production companies designed to increase the
production of hydrocarbons from wells drilled throughout western Canada, the
United States, Russia, Mexico, Colombia and Argentina.
Douglas R. Ramsay Chief Executive Officer Telephone:(403) 266-6000
Laura A. Cillis Senior Vice President, Finance and Chief Financial Officer
Telephone: (403) 266-6000 Fax: (403) 266-7381
Tom J. Medvedic Senior Vice President, Corporate Development
Telephone:(403) 266-6000 Fax:(403)266-7381
SOURCE: Calfrac Well Services Ltd.
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-0- May/15/2013 00:16 GMT
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